Behind every billionaire there is a story!

Mike Ashley stuns City in move to chairman

RETAIL TYCOON Mike Ashley will shock the City this week when he makes himself chairman of Sports Direct – the latest twist in the group’s short history as a public company.

Since Britain’s biggest sports-wear retailer floated 10 months ago, it has issued a series of profit warnings, its share price has fallen nearly 70%, and its chairman, David Richardson, walked out after a row with the board.

The company has also angered investors, who have baulked at its apparent disregard for corporate governance. Since Richardson’s exit in May, the board has been unable to find a new independent chairman prepared to take on the challenge.

But now Sports Direct’s advisers believe they have a solution. They want to make Ashley chairman and recruit a new heavyweight independent deputy chairman.  929m when the company floated, still controls almost 70% and is now deputy chairman. One source familiar with the proposals said: “Sports Direct have concluded that they bring ridicule to themselves at the moment because everyone knows Ashley effectively runs the business but he is called deputy chairman.

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http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3055758.ece